MOLY MINES LIMITED

46-50 Kings Park Road, West Perth

Western Australia 6005

PO Box 8215, Subiaco East Western Australia 6008

Telephone +61 8 9429 3300

Facsimile +61 8 9429 3399

Email info@molymines.com ABN 32 103 295 521

2 November 2016

Notification of a 'Superior Proposal' from Gulf Alumina

Moly Mines Limited (ASX: MOL) ('Moly') advises that on 1 November 2016 it received notification from the Board of Gulf Alumina Limited ('Gulf') regarding the takeover offer by Metro Mining Limited (ASX:MMI).

Gulf directors advise they have determined Metro's offer to be a 'Superior Proposal' to the previously- recommended takeover proposal by Moly.

Under the terms of the Offer Implementation Agreement between Moly and Gulf, Moly now has 5 business days in which to match Metro's offer, before the Gulf Directors can withdraw their recommendation of Moly's offer.

Accordingly, Moly is currently considering its position and will respond within the required timeframe.

FUTHER INFORMATION

For further information, please contact:

Graeme Kininmonth Media

Chief Executive Officer Citadel-MAGNUS

+61 8 9429 3300 Michael Weir / Richard Glass

+61 8 6160 4900

Moly Mines Limited published this content on 02 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 02 November 2016 06:02:04 UTC.

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